TDS Compliances Process | TDS की पूरी जानकारी | Rate, Filing, Due Date, Interest, Penalty

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How to calculated Advance Tax -    • How to calculate Advance Tax?  What i...  
TDS Compliances Process | TDS की पूरी जानकारी | Rate, Filing, Due Date, Interest, Penalty TDS PROCESS - Filing, Return, Due Dates, Interest & Fine TDS DEDUCTION -TDS PAYMENT-TDS RETURN FILING-TDS CERTIFICATE TDS - WHAT - Tax Deducted at Source is a type of advance tax that the Government of India levies on a periodic basis. The overall deducted TDS is claimed as a tax refund after a taxpayer files the Income Tax Return if tax liability lower. TDS - WHY - Avoid Tax Evasion - Revenue Collection - Compliance and Monitoring - Less Burden on Income Receiver TDS DEDUCTION - When - TDS deduction rules necessitate tax payment when a taxpayer gets payment due or receives actual payment (whichever is earlier).
TDS DEDUCTION - Who Can Deduct It? - The person making the payment is liable for a TDS deduction. - Payer - Company, Firm - Individual/Proprietor – Business Turnover – Exceed 1 Crore, Profession Turnover – Exceed 50 Lakh
TDS DEDUCTION - Rate Section Nature of Payment Rate Limit 192 Salary Average rate of income tax 194 Dividend 10% 5,000 194A Interest from Bank – Saving Account/ FD etc. 10% Bank – 40,000 Bank to Senior Citizen - 50,000 Other Cases – 5,000 194B Winning from Lotteries / Horse Racing 30% 10000 194C Payment of Contractors and sub-contractors 1% (individual/ HUF) 2% (others) 30000/1,00,000 194D Insurance Commission 5% 15,000 194H Commission or Brokerage 5% 15,000
194-I(a) Rent for plant and machinery 2% 2,40,000 194-I(b) Rent for immovable property 10% 2,40,000 194-IB Rent payment by individual 5% 50,000 P.M. 194-IA Payment for acquisition of immovable property 1% 50,00,000 194J Fee for Technical Services (FTS), Royalty 2% (FTS, certain royalties, call centre) 30,000 194J Fee for Professional, Technical Services, other etc. 10% (others) 30,000 194M Payment to commission, brokerage etc. by Individual and HUF 5% 50,00,000
194-I(a) Rent for plant and machinery 2% 2,40,000 194-I(b) Rent for immovable property 10% 2,40,000 194-IB Rent payment by individual 5% 50,000 P.M. 194-IA Payment for acquisition of immovable property 1% 50,00,000 194J Fee for Technical Services (FTS), Royalty 2% (FTS, certain royalties, call centre) 30,000 194J Fee for Professional, Technical Services, other etc. 10% (others) 30,000 194M Payment to commission, brokerage etc. by Individual and HUF 5% 50,00,000
TDS DEPOSIT - Due Dates Quarter ending Month of deduction Due dates for depositing TDS 30th June (Quarter-1) April 7th May May 7th June June 7th July 30th September (Quarter-2) July 7th August August 7th September September 7th October 31st December (Quarter-3) October 7th November November 7th December December 7th January 31st March (Quarter-4) January 7th February February 7th March March 30th April 2024
TDS FILING - Due Dates Form No Transactions reported in the return Due date Form 24Q / 26Q TDS on Salary, and TDS on Others Q1 – 31st July Q2 – 31st October Q3 – 31st January Q4 – 31st May Form 26QB TDS on sale of property 30 days from the end of the month in which TDS is deducted Form 26QC TDS on rent 30 days from the end of the month in which TDS is deducted
TDS CERTIFICATE – Due Date Form Certificate of Frequency Due date Form 16 TDS on salary payment Yearly 31st May Form 16A TDS on non-salary payments Quarterly 15 days from due date of filing return Form 16B TDS on sale of property Every transaction 15 days from due date of filing return Form 16C TDS on rent Every transaction 15 days from due date of filing return
TDS - Interest on Late Deposit Section Nature of Default Interest subject to TDS/TCS amount Period for which interest is to be paid 201(1A)(i) TDS not deducted (fully/partly) 1% per month From the date on which tax is deductible to the date on which tax is actually deducted. 201(1A)(ii) TDS not deposited to the government after deduction (fully or partly) 1.5% per month From the date of tax deduction to the date of deposit
TDS - Penalty for Late Filing Late Filing Fee (Sec 234E) Under Section 234E, the person who is required to deduct/collect TDS/TCS will have to pay a fine of Rs 200 (two hundred) per day until the TDS return is filed. The deductor of TDS shall be liable to pay this for every day of delayuntilthe fine amount is equal to the amount you are supposed to pay as TDS. #tdsduedate #gstduedates #incometaxduedate #stockmarket #pfesi #itrduedate #itrfiling #budget #budget2024 #budget2024summary #taxplanning For any query please call – 09810800581, or mail at – [email protected] or comment below video on YouTube Visit us - https://www.opsfin.com/ ©All content copyrighted by Optimus.